[AU] Datasets - reports - tax report

Article Objective: To assist users in navigating the Active Platform with generating a tax report to help compile the income tax return information for the entity in a binder. 

Context: Taxonomy is the categorisation of accounts into specific sections of the tax return, i.e. for the Accounts Receivable account, the taxonomy is: asset, current asset, trade debtors. This means this figure will populate into the asset, current asset and trade debtors line in the tax return worksheet.  

Please refer to the Glossary for definitions of key terms used in this article.  

Generating a tax report

Select the relevant dataset, navigate to the Reports screen and click on the Tax Report tab.           


This will simply show the account number, account name, taxonomy and balance of each account. If you have selected to categorise certain accounts as primary production or non-taxable, they will also populate in here. See the knowledge article: Accounts - overview for more information on how to do this.  

Using the tax return worksheet

When in the binder, click Accept on the 'Company Tax Return' worksheet. The name of this worksheet will vary depending on whether you are completing work for a company, trust or partnership.   

Once accepted, the worksheet will populate and open, as below.  

A list of the most common form fields for a company tax return for income, expenses and financial information are as follows:   

6 - Income
BGross payments subject to foreign resident withholding (excluding capital gains)
AGross payments where ABN not quoted
COther sales of goods and services
DGross distribution from partnerships
EGross distribution from trusts
XForestry managed investment scheme income
FGross interest
GGross rent and other leasing and hiring income
HTotal dividends
IFringe benefit employee contributions
QAssessable government industry payments
JUnrealised gains on revaluation of assets to fair value
ROther gross income
Calculation of total income

6 - Expenses
BForeign resident withholding expenses (excluding capital gains)
ACost of sales
CContractor, sub-contractor and commission expenses
DSuperannuation expenses
EBad debts
FLease expenses within Australia
ILease expenses overseas
HRent expenses
VInterest expenses within Australia
JInterest expenses overseas
URoyalty expenses overseas
WRoyalty expenses within Australia
XDepreciation expenses
YMotor vehicle expenses
ZRepairs and maintenance
GUnrealised losses on revaluation of assets to fair value
SAll other expenses
QCalculation of total expenses

TCalculation of total profit or loss

8 - Financial and Other Information
AOpening stock
SPurchases and other costs
BClosing stock
CTrade debtors
DAll current assets
ETotal assets
FTrade creditors
GAll current liabilities
HTotal liabilities
JTotal debt
JFranked dividends paid
KUnfranked dividends paid
POpening franking account balance
MClosing franking account balance
NLoans to shareholders and their associates
DTotal salary and wage expenses
QPayments to associated persons

Note: There are some additional labels in the above sections, as well as additional sections in the worksheet such as capital allowances, losses information, etc. which are able to be filled out too. In most cases, depending on which worksheets you have added and completed in your binder, they will automatically prefill. For example, if you were to add and complete a losses worksheet, these figures would pre-populate into their respective lines in the losses information section of the tax return worksheet.       


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